During October, Corem Property Group communicated that four separate letters of intent had been signed, concerning divestments of properties at a total underlying property value of approximately SEK 12 billion.
Two of the letters of intent have resulted in signed agreements and transactions being carried out. These refer to the divestment of two office properties in Copenhagen at an underlying property value of SEK 3.9 billion, and the divestment of 24 logistics properties at an underlying property value of SEK 1.2 billion. Transfer of possession were made on 29 and 30 November respectively. The remaining two letters of intent which were communicated have not resulted in agreed divestments but instead been terminated. The proactive work with transactions is still ongoing, with the aim of strengthening the balance sheet and freeing up capital for bond maturities during 2024.
"In today's transaction market, it is natural that not all transactions result in signed transactions. We have replaced these canceled deals with a number of new and ongoing transaction discussions currently ongoing and will, through selective divestments, strengthen our balance sheet in order to free up funds for redemption of bond maturities. We feel that there is a well-functioning transaction market. So far this year, we have now completed 24 deals, with a wide range of buyers and property types", said Rutger Arnhult, CEO at Corem.